AGF Management Ltd. Sells 3,365 Shares of ServiceNow, Inc. (NYSE:NOW)

Key Points

• AGF Management Ltd. reduced its stake in ServiceNow by 1.6%, selling 3,365 shares, and now holds 210,305 shares valued at approximately $167.4 million.
• ServiceNow's stock has garnered a mix of analyst ratings, with 30 analysts giving buy ratings and a current average target price of $1,115.20.
• In the recent quarter, ServiceNow reported earnings of $4.09 per share, surpassing estimates and achieving revenue of $3.22 billion, up 22.4% year-over-year.

AGF Management Ltd. lessened its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 1.6% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 210,305 shares of the information technology services provider's stock after selling 3,365 shares during the period. ServiceNow comprises approximately 0.9% of AGF Management Ltd.'s investment portfolio, making the stock its 27th biggest holding. AGF Management Ltd. owned approximately 0.10% of ServiceNow worth $167,432,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of NOW. GAMMA Investing LLC increased its holdings in ServiceNow by 87,501.3% during the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider's stock valued at $2,141,108,000 after buying an additional 2,686,291 shares during the period. Nuveen LLC purchased a new position in ServiceNow during the first quarter valued at approximately $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider's stock valued at $742,965,000 after buying an additional 877,875 shares during the period. Goldman Sachs Group Inc. increased its holdings in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider's stock valued at $1,178,706,000 after buying an additional 840,731 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in ServiceNow by 6.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,955,924 shares of the information technology services provider's stock valued at $8,434,235,000 after buying an additional 509,467 shares during the period. Institutional investors own 87.18% of the company's stock.

Wall Street Analyst Weigh In

NOW has been the topic of several research reports. Jefferies Financial Group lifted their price objective on shares of ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a report on Thursday, July 24th. Royal Bank Of Canada lifted their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the company an "outperform" rating in a report on Tuesday, May 6th. Piper Sandler lifted their price objective on shares of ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Cantor Fitzgerald reissued an "overweight" rating and set a $1,200.00 price objective on shares of ServiceNow in a report on Thursday, July 24th. Finally, UBS Group cut their price objective on shares of ServiceNow from $1,125.00 to $1,100.00 and set a "buy" rating on the stock in a report on Thursday, July 24th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $1,115.20.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 145 shares of the company's stock in a transaction dated Friday, May 30th. The shares were sold at an average price of $1,020.00, for a total value of $147,900.00. Following the completion of the transaction, the insider owned 3,027 shares in the company, valued at approximately $3,087,540. This represents a 4.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Anita M. Sands sold 428 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $1,013.61, for a total transaction of $433,825.08. Following the completion of the transaction, the director owned 10,891 shares of the company's stock, valued at approximately $11,039,226.51. This trade represents a 3.78% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,250 shares of company stock valued at $5,318,667 over the last ninety days. Corporate insiders own 0.38% of the company's stock.

ServiceNow Trading Down 0.3%

NYSE NOW opened at $871.70 on Monday. The company has a market capitalization of $181.31 billion, a PE ratio of 109.79, a P/E/G ratio of 3.93 and a beta of 0.93. The company has a fifty day moving average of $982.92 and a 200 day moving average of $942.17. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.09 and a quick ratio of 1.09.

ServiceNow (NYSE:NOW - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. The company had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.12 billion. ServiceNow had a net margin of 13.78% and a return on equity of 18.04%. The firm's quarterly revenue was up 22.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.13 earnings per share. Research analysts forecast that ServiceNow, Inc. will post 8.93 earnings per share for the current year.

ServiceNow Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.

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